Tencent seeks video breakthrough after US$240bil lite app hit

WeChat has established a so-called walled garden that controls what content and services its users can interact with. ByteDance, which has been eating away at Tencent’s lead in areas like social media and gaming, is among a number of rivals that have long complained about the platform blocking their services. — AFP

WeChat creator Allen Zhang is counting on a breakthrough in video to thwart TikTok owner ByteDance Ltd, building on the success of his last big overhaul of the all-in-one messaging app.

Zhang, celebrated in China for inventing Tencent Holdings Ltd’s signature creation, has toyed for years with ways to keep and expand WeChat’s industry lead, particularly as upstarts like Douyin – the Chinese twin to TikTok – began to surpass WeChat in user time-spent. Since 2017, mini apps – the last significant WeChat innovation – have blossomed into a US$240bil (RM970.80bil) marketplace, with 400 million daily users doubling the amount they spent last year on transactions such as booking rides and buying groceries.